Vancity Credit Union closes C$325M senior deposit notes offering
On July 24, 2026, Vancity Credit Union closed an offering of C$325 million aggregate principal amount of senior deposit notes due in 2029. The senior deposit notes will rank pari passu with all other unsecured and unsubordinated debt of Vancity. The offering was Vancity’s inaugural senior deposit notes issuance and entry into the long-term debt capital markets, representing a significant milestone for Vancity’s funding strategy. The offering raised C$325 million from 31 investors and was five times oversubscribed with an order book of approximately C$1.5 billion. The senior notes were issued following the successful reactivation of a short-term commercial paper program led by McCarthy Tétrault.
Headquartered in Vancouver, British Columbia, Vancity is a values-based financial co-operative serving the needs of its 588,000 member-owners and their communities, with offices and more than 60 branches located in Metro Vancouver and Squamish, the Fraser Valley, the Sunshine Coast, the Vancouver and Gulf Islands and Alert Bay, within the territories of the Coast Salish and Kwakwaka'wakw Peoples. With $41 billion in assets plus assets under administration, Vancity is Canada's largest credit union.
The dealer syndicate was comprised of RBC Capital Markets and Desjardins Capital Markets, as joint bookrunning managers, and CIBC Capital Markets, BMO Capital Markets, Scotiabank and Cedar Leaf Capital, as co-managers.
McCarthy Tétrault LLP advised the dealers on the offering with a team led by Pavan Jawanda (Capital Markets) that included Thomas Fung, Liam Peet-Pare, Lauren Tse and Emma Good (Capital Markets/Corporate).
